The income tax department will start dispatching notices under the I-T Act to nearly 6,00,000 depositors who have deposited over Rs 50 lakh old notes into bank accounts but have not responded to the IT department notice nor have filed the Income Tax Returns and the Department is waiting in the wings for the last … Continue reading HUNT FOR BLACK MONEY – REPORT
Tag: black money
Government receives 4,000 emails on black money in 72 hours
The government's email address for black money tipoffs has been flooded with 4,000 messages since Friday, when blackmoneyinfo@incometax. gov.in was made public. "We are getting a good response," a finance ministry official told ET, Further the Finance Department also gets intelligence reports from various other module too. That's in addition to vast amounts of data flowing … Continue reading Government receives 4,000 emails on black money in 72 hours
FORMS OF BLACK MONEY – CASH – GOLD AND PRECIOUS METALS – PROPERTIES – STOCKS AND SHARES – MONEY STASHED ABROAD BY POLITICIANS, BUSINESSMEN, SMUGGLERS AND TERRORISTS
An expert`s view on demonetization. Which are the other forms of Black Money? Gold, Precious Metals, Properties, Shares, Stocks and stashed abroad in tax heavens. Which are the major tax heavens in the world? Delaware (U.S), Luxembourg, Switzerland, Cayman Islands, the U.K. (City of London), Ireland, Bermuda, Singapore, Belgium and Hong Kong. An expert on … Continue reading FORMS OF BLACK MONEY – CASH – GOLD AND PRECIOUS METALS – PROPERTIES – STOCKS AND SHARES – MONEY STASHED ABROAD BY POLITICIANS, BUSINESSMEN, SMUGGLERS AND TERRORISTS
INDIAN`S SWISS BANK ACCOUNTS DETAILS WILL BE AVAILABLE TO INDIA FROM SEPTEMBER, 2019
India will now automatically receive information on Swiss bank accounts of its citizens from September 2019. Switzerland has conformed to the global standards on automatic exchange of information with the signing of the declaration, India, on its part, has promised to safeguard the confidentiality of the data. The Swiss Federal Department of Finance said … Continue reading INDIAN`S SWISS BANK ACCOUNTS DETAILS WILL BE AVAILABLE TO INDIA FROM SEPTEMBER, 2019
BUYING A PROPERTY WITH CASH – TRANSACTIONS ABOVE RS.20,000/- MUST BE ONLY THROUGH CHEQUES AND DEMAND DRAFTS.
THE GOVERNMENT HAS FINALLY COME OUT WITH A NOTIFICATION RESTRICTING THE TRANSACTIONS IN THE PROPERTY IN TERMS OF CASH BY PERMITTING IT TO RS.20,000/-. ANY AMOUNT PAYABLE OR TO BE PAID MUST BE ONLY THROUGH AN ACCOUNT PAYEE CHEQUE/DEMAND DRAFT/PAY ORDER/BANK TRANSFER/RTGS. THE TRANSACTION IN CASH INVOLVES HIGH RISK AND THE BUYER WILL BE AT … Continue reading BUYING A PROPERTY WITH CASH – TRANSACTIONS ABOVE RS.20,000/- MUST BE ONLY THROUGH CHEQUES AND DEMAND DRAFTS.
CONVERSION OF BLACK MONEY/ASSETS STASHED ABROAD WITHIN 30-09-2015 AND GET AMNESTY – A NEW SCHEME TO BRING THE BLACK MONEY ABROAD !!
Dates For Compliance Window Under Black Money Act Notified; 30th September, 2015 is the date on or before which A Person may make a Declaration in respect of an Undisclosed Asset Located Outside India Under the Compliance Provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015; Last Date … Continue reading CONVERSION OF BLACK MONEY/ASSETS STASHED ABROAD WITHIN 30-09-2015 AND GET AMNESTY – A NEW SCHEME TO BRING THE BLACK MONEY ABROAD !!
BLACK MONEY BILL IN THE CURRENT SESSION – JAITLEY – NO CASH TRANSACTION IN PROPERTY MATTERS ABOVE RS20,000/-
BUDGET HIGHLIGHTS ON CURBING THE BLACK MONEY MENACE BY THE FINANCE MINISTER The Union Finance Minister Shri Arun Jaitley has said that a Bill to enact a new law to deal with black money is to be introduced in the current session of the Parliament. In his Budget Speech in the Lok Sabha here today, … Continue reading BLACK MONEY BILL IN THE CURRENT SESSION – JAITLEY – NO CASH TRANSACTION IN PROPERTY MATTERS ABOVE RS20,000/-
Money laundering by Multinational Banks – Allegations
A sting operation conducted by an online magazine Cobrapost across various branches of private banks has revealed how bank employees are accepting black money from customers to convert them into white money. Cobrapost Editor has insisted that leading private banks like HDFC Bank, ICICI Bank and Axis Bank are involved in this money laundering. The Cobrapost report said its … Continue reading Money laundering by Multinational Banks – Allegations
ILLICIT OUTFLOW OF CAPITAL FROM INDIA
India is ranked as the decade's 8th largest victim of illicit capital flight and the Indian economy suffered $1.6 billion in illicit financial outflows in 2010, capping-off a decade in which it experienced black money losses of $123 billion, according to a new report by Global Financial Integrity, a Washington-based research and advocacy organization. The … Continue reading ILLICIT OUTFLOW OF CAPITAL FROM INDIA
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